Research Document: NESG 2023 Q1 Foreign Trade Alert

Posted Wed, Jun 7, 2023 12:25 PM

Key Highlights in the NESG Alert on Nigeria’s Foreign Trade in 2023Q1

• Nigeria’s external trade in goods value fell by 17.8 percent (year-on-year) to N12 trillion in the first quarter of 2023 due to the decline in oil exports (at N5.8 trillion) and non-oil exports (N652.3 billion).

• The country recorded a second consecutive quarter of trade surplus at N927.2 billion in 2023Q1, partly reflecting the persistent improvement in domestic crude oil production since 2022Q2.

• The value of merchandise imports nosedived in 2023Q1 due to lower import bills on all categories of imports except food and live animals. The most significant drop was reported for mineral fuel.

• India was not Nigeria’s largest export trading partner in 2023Q1, losing its position to the Netherlands, with two European countries (Spain and France) making up the top 5. 

• China remained Nigeria’s largest import trading partner, closely followed by the Netherlands and Belgium. Accordingly, Nigeria had a trade surplus with the Netherlands in 2023Q1.